Tex. Ins. Code Section 941.353
Requirements of Conversion Plan

The conversion plan must provide that a capital stock insurance company will be formed in accordance with Chapter 822 (General Incorporation and Regulatory Requirements for Insurance Companies Other than Life, Health, or Accident Insurance Companies), except that:

(1)

the company’s required minimum capital and surplus must equal the required minimum guaranty fund and surplus of the Lloyd’s plan;

(2)

the company’s assets may be in cash or in the form of an investment lawfully held by the Lloyd’s plan; and

(3)

an original examination under Section 822.058 (Action by Commissioner After Filing of Application for Charter)(b) is not required unless directed by the commissioner.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 941.353 — Requirements of Conversion Plan, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­941.­htm#941.­353 (accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

§ 941.353’s source at texas​.gov